Tax: Sharrocks settling in to life after
February 21st, 2011
Kim Lawrence was asked by the Chattanooga Times Free Press to quote on the tax implications of the "Extreme Makeover" that took place in Rossville, GA. To read the complete article, please click here.
Posted by Decosimo CPAs | 0 Comment(s)
Financial Forensics: Medical Offices Targets of Embezzlers
January 31st, 2011
Bill Acuff was recently quoted in a Chattanooga Times Free Press article discussing how medical offices are often the targets of embezzlers. To read the complete article, please click here.
Posted by Bill Acuff | 0 Comment(s)
Tax: Do You Export?
January 26th, 2011
If you sell U.S. produced goods to buyers outside the United States (exports) you may qualify for federal income tax savings. Taxpayers that qualify generally realize a minimum tax savings of $8,000 for every $1 million of qualified export sales. Contact johnhenegar@decosimo.com or cecilhammontree@decosimo.com for more information.
Posted by John Henegar | 0 Comment(s)
Tax: New Rules for Tax Preparers
January 6th, 2011
Janice Sansing was recently quoted in a Knoxville News Sentinel article discussing new IRS mandates for all paid tax preparers. To read the article, please click here.
Posted by Janice Sansing | 0 Comment(s)
Real Estate: FASB Proposes Significant Changes to Accounting for Leases
December 17th, 2010
On August 17, 2010, the FASB issued an exposure draft for a proposed accounting standards update for leases. The exposure draft proposes a significant change in the accounting for leases. The proposed lease accounting would require all leases to be recorded on the balance sheets of both the lessee and the lessor, similar to the current accounting for capital leases. Lessees will recognize an asset for the right to use the leased asset, and a liability at the present value of future lease payments. The resulting asset and liability would be amortized to expense on a systematic basis. The proposed lessor accounting consists of either a performance obligation approach or a derecognition approach depending on whether the lessor retains the significant risks or benefits related to the leased asset.
The exposure draft also requires additional footnote disclosure of leasing activities. The comment period for the exposure draft ended December 15, 2010. The exposure draft did not indicate an effective date. If the current provisions of the exposure draft are adopted, the resulting lease accounting could have a significant effect on company’s balance sheet, net income, EBITDA, financial ratios and debt covenants.
To read the complete article regarding the proposed standards update for leases, please click here.
The contents and opinions contained in this article are for informational purposes only. The information is not intended to be a substitute for professional accounting counsel. Always seek the advice of your accountant or other financial planner with any questions you may have regarding your financial goals.
Posted by James Jackson | 0 Comment(s)
Decosimo is an independently owned and operated member firm of both the Moore Stephens North America (MSNA) association of member firms and the Moore Stephens International Limited (MSIL) network of member firms. Neither MSNA nor MSIL provide services to clients. Decosimo is a separate and distinct legal entity, subject to the laws and professional regulations of the jurisdictions in which it operates, and is not authorized to obligate or bind MSNA, MSIL, or any other member firm of MSNA or MSIL. Decosimo is liable only for its own acts or omissions and not those of any other person or entity including MSNA, MSIL and other member firms of MSNA and MSIL.